Difference between Salary and wages.pptx

Salary and Wages

1. KRISTINE KRISTINE S. ARELLANO Graduate of Bachelor of Secondary Education Major in English at West Coast College Academic Excellence Awardee

2. a. differentiate salary and wage b. express the importance of knowing how to compute salaries and wages c. compute using prorating annual salary, time basis pay, and piece-rate pay . OBJECTIVES

3. PICTURE CHARADES

4. Direction: Group yourselves into four. Guess the word which the pictures and letters describe. Every item, choose one representative who will go to the board and write the answer. You have 10 points each group for your initial scores. Every wrong answer, 2 points will be deducted in your scores and your representative will sip a lemon. The group with lowest score will dance a paro-paro G challenge.

5. EXAMPLE: 2 words category 1 ST word 2 nd word NESS H ANSWER: BUSINESS MATH

6. 1 word category J ANSWER: WAGE 1 1

7. 1 word category RY ANSWER: SALARY 2

8. 1 word category ANSWER: PAYROLL 3

9. 2 words category 1 st word 2 nd word ANSWER: GROSS PAY 4

10. 1 word category SATION ANSWER: COMPENSATION 5

11. is a way to provide monetary value to employees in exchange of their work/service performed. It is usually presented in payroll. COMPENSATION

12. is the total amount required to pay workers and employees during a week, month or other period. It is also defined as a total sum of money to be paid out to employees at a given time. PAYROLL

13. is a total amount of employee’s earnings before deductions have been made by the employer. It may be in the form of salary or wage, on either a time-rate or piece-rate and other forms of remuneration.   GROSS PAY (GROSS EARNINGS)

14. SALARIES AND WAGES

15. is a fixed weekly or monthly wage. It can also be computed in a prorating annual salary or time basis pay or by piecework.     SALARY

16. is the monetary remuneration computed on hourly, daily, weekly, or piece work basis. WAGE

17. FORMS OF REMUNERATION   

18. Companies usually pay employees weekly, biweekly, semi-monthly, or monthly.   PRORATING ANNUAL SALARY  

19. Employee’s earnings are based on time worked. The compensation is usually stated as specific rate per hour, day, week, month, or year.   TIME BASIS PAY  

20. Workers on factories and industries are often paid according to the number of pieces/unit they produce which is usually called as piecework or piece-rate pay.   PIECE-RATE PAY  

21. A worker is being paid the guaranteed wage (i.e. hourly, daily, weekly, or monthly) for producing the standard quota of units and is also paid at the same rate for producing/selling extra units within the standard work period.     PIECE-RATE PAY  

22. FORM “SALARIES AND WAGES”

23. Direction: Remain with your group. Solve the following problems with the given formula to form the clause “SALARIES AND WAGES”. Round off to the nearest cent. Get the briefcase with your corresponding answer on the board and place them according to your group order. Choose one representative who will present your work. You have 5 minutes to answer.

24. Problem : For an employee who earns an annual of ₱260,000, compute the weekly salary. PRORATING ANNUAL SALARY Weekly salary

25. Problem: For an employee who earns an annual of ₱260,000, compute the weekly salary. Solution: Weekly salary = annual salary ÷ 52 = ₱5,000 = ₱260,000 ÷ 52

26. Problem: For an employee who earns an annual of ₱260,000, compute the biweekly salary. PRORATING ANNUAL SALARY Biweekly salary

27. Problem: For an employee who earns an annual of ₱260,000, compute the bi weekly salary. Solution: Biweekly salary = annual salary ÷ 26 = ₱10,000 = ₱260,000 ÷ 26

28. Problem: For an employee who earns an annual of ₱260,000, compute the semi-monthly salary. PRORATING ANNUAL SALARY Semi-monthly salary

29. Problem: For an employee who earns an annual of ₱260,000, compute the semi-month ly salary. Solution: Semi-monthly salary = annual salary ÷ 24 = ₱10,833.33 = ₱260,000 ÷ 24

30. Problem: For an employee who earns an annual of ₱260,000, compute the monthly salary PRORATING ANNUAL SALARY Monthly salary

31. Problem: For an employee who earns an annual of ₱260,000, compute the monthly salary. Solution: Monthly salary = annual salary ÷ 12 = ₱21,666.67 = ₱260,000 ÷ 12

32. Problem: Rojen Mae Yap receives ₱82.50 an hour and works for 37 hours this week. Find her gross pay. TIME BASIS PAY HOURLY RATE

33. Problem: Rojen Mae Yap receives ₱82.50 an hour and works for 37 hours this week. Find her gross pay. Given: Hourly rate = ₱82.50 Number of hours worked = 37 Solution : Regular Pay = No. of hours worked x hourly rate = ₱3,052.50 = 37 x ₱82.50

34. Problem: Dexter receives a daily wage of ₱521.60. How much does he earn in a week if he worked for 5 days? TIME BASIS PAY DAILY RATE

35. Problem: Dexter receives a daily wage of ₱521.60. How much does he earn in a week if he worked for 5 days ? Given: Daily rate = ₱521.60 Number of days worked = 5 Solution : Regular Pay = No. of days worked x daily rate   = ₱2,608 = 5 x ₱521.60

36. Note: If production/sale does not meet or exceed the quota, only the standard wage is paid. If it exceeded the quota the worker will receive a standard pay and a premium for the extra units.   PIECE-RATE PAY

37. Formula: Standard pay = No. of working hours x rate per hour Standard pay = No. of units produced x rate per unit Premium pay = (Extra units ÷ Quota units) x standard pay Total pay = standard pay + premium pay         PIECE-RATE PAY

38. Problem: Gregorio’s daily production is 105 units during an 8-hour work for which he is paid ₱86.20 an hour. He receives a premium for the extra units he produces during the day of work. Find his gross pay for (A) a day when he produced 100 units, and (B) another day when he produced 130 units.   PIECE-RATE PAY

39. A. Given: Number of working hours = 8 hours Rate per hour = ₱86.20   Solution: Standard pay = No. of working hours x rate per hour = ₱689.60 = 8x ₱86.20

40. B. Note: Don’t round off during division. In final answer, round off to the nearest cent . Given: Quota units = 105 units No . of units produced = 130 Extra units= 25 Premium pay = (Extra units ÷ Quota units) x standard pay   Total Pay = Standard pay + Premium pay     = (25 ÷ 105) x ₱689.60 = ₱164.19 = ₱689.60 + ₱164.19 = ₱853.79